Hurricane Sandy's Affect on Municipal Bond Issuers
Hurricane Sandy will almost certainly turn out to be one of the costliest U.S. storms on record. Given the scope and severity of the damage, it is difficult to estimate the costs from the fires, floods, wind and rain, but initial estimates of $30 billion to $50 billion may turn out to be too low. By comparison, the most expensive U.S. storm so far, 2005's Hurricane Katrina, caused $46.6 billion in damages. In the wake of Hurricane Sandy there have been unprecedented levels of damage to power, subways, commuter rail, and telecommunications. Airports and roads also experienced water damage and service disruptions, but are returning to normal more quickly. Click here to read a comprehensive analysis from Michael Pietronico, Senior Portfolio Manager at Miller Tabak Asset Management.